• 2019 April 19 18:07

    Keppel posts net profit of S$203M in 1Q 2019

    Keppel Corporation Limited (Keppel) reported a net profit of S$203 million for the first three months of 2019, 40% below that of S$337 million for 1Q 2018. In 1Q 2018, the Group benefitted from a S$289 million gain arising from the en-bloc sale of Keppel Cove in Zhongshan, China as compared to gains of S$174 million in the current period from the divestment of a 70% interest in Dong Nai Waterfront City, Vietnam and the re-measurement of previously held interests in M1 Limited (M1) at acquisition date.

    The Group achieved revenue of S$1,531 million for 1Q 2019, which was $61 million or 4% higher than that of 1Q 2018. The increase was underpinned by higher revenues from power and gas sales, infrastructure projects in Singapore and Hongkong, asset management and the consolidation of M1, offset by lower contributions from property trading in Singapore.

    In 1Q 2019, the Group achieved an annualised return on equity of 7.0%. Net gearing increased to 0.72x as at 31 March 2019, compared to 0.48x as at 31 December 2018, due to higher working capital requirements, financing for the acquisition of M1, and as a result of the inclusion of lease liabilities due to the adoption of the new accounting standard on leases. Free cash outflow was S$617 million in 1Q 2019 compared to an inflow of S$248 million in 1Q 2018, mainly due to higher working capital requirements in the Offshore & Marine and Property divisions.

    Mr Loh Chin Hua, CEO of Keppel Corporation, said, "The main pieces of our strategic transformation are in place. Our focus is now on execution. When we have successfully executed on our strategy, Keppel will be a powerhouse of urbanisation solutions, with not only higher profits, but also higher quality, recurrent earnings. We will work all our engines hard towards achieving a mid-to-long term ROE target of 15% for the Group."

    The Offshore & Marine (O&M) Division registered a net profit of S$6 million for 1Q 2019, compared to a net loss of S$23 million a year ago, due mainly to a share of results from associated companies which turned profitable year on year, as well as lower taxes. The Division achieved a profit of S$3 million at the operating level for 1Q 2019, compared to S$8 million for 1Q 2018.

    The O&M Division continues to pursue projects and opportunities in new markets and niche segments. In the year to date, the O&M Division has won new contracts of about S$1 billion, or 59% of the S$1.7 billion secured for the whole of 2018. The latest orders comprise a newbuild harsh environment semisubmersible for Awilco and contracts to upgrade a drilling semisubmersible and integrate an FPSO hull.

    The Property Division was the largest contributor to the Group's 1Q 2019 net profit. The Division recorded a net profit of S$132 million, 65% lower than $378 million for 1Q 2018 due mainly to the absence of gains from the en-bloc sale of Keppel Cove in Zhongshan, China and lower contribution from Singapore property trading which was partly offset by gains from disposing a partial interest in Dong Nai Waterfront City, Vietnam.

    The Infrastructure Division's net profit of S$16 million for 1Q 2019, was 38% lower year on year, mainly due to lower contributions from the energy infrastructure and logistics businesses, as well as a share of losses from Keppel Infrastructure Trust in the current period as compared to a share of profits in the same period last year as a result of costs associated with the acquisition of Ixom in 2019. These were partly offset by higher contributions from businesses in environmental infrastructure and infrastructure services.

    Excluding charges related to the acquisition of M1, the Investments Division recorded a net profit of S$59 million for the first quarter, as compared to net loss of S$44 million a year ago. This was due mainly to fair value gains from the remeasurement of previously held interests in M1 as at acquisition date, as well as higher contributions from Keppel Capital and the consolidation of M1's results, and a lower share of losses from KrisEnergy, which were partly offset by a higher fair value loss on KrisEnergy warrants and a provision for impairment of an associated company.




2019 August 19

18:41 Andrey Zubarev takes the helm at Sea Port St. Petersburg
18:36 Hapag-Lloyd announces General Rate Increase from East Asia to South America Eastcoast
18:26 Rosterminalugol YTD coal exports volume hits the 15-millionth-tonne mark
18:04 CMA CGM Group to take part in the Asia Fruit Logistica 2019 in Hong Kong
17:36 MPA launches Singapore’s first Maritime Sustainability Reporting Guide
17:04 ACO Marine commissions a series of Clarimar wastewater treatment plants for Jadrolonija
16:35 Suez Canal Container Terminal announces plans to open reefer repair hub to all brands
16:19 Jumbo and GoodFuels partner to take sustainable bio-fuel oil to the offshore support market
16:11 Main phase of Beloomut hydro engineering system rehabilitation project to be completed by the end of 2019, Moscow Canal authority says
15:58 LR awards world’s first digital type approval to HHI
15:32 d’Amico International announces the sale of one of the vessels
15:09 Samsung Heavy to advance smart ship technology in cooperation with equipment producers
14:17 JFD signs strategic partnership with Aquacentrum Den Helder to provide submarine escape training
13:09 Samsung Heavy Industries to win orders for 10 LNG-fueled vessels
12:53 Kraken’s ThunderFish® delivered to DRDC, Canada
12:09 Sinanju signs 2-year time charter agreement with ExxonMobil for LNG-powered “Marine Vicky”
11:18 MODEC announces issuance of project bond for FPSO charter project
11:16 Registration underway for “Import Substitution in Russian Shipbuilding: Ambition and Reality” Roundtable
11:09 Busan Port-Qingdao Port concludes MOU to promote cruise business
10:08 RAN signs two year lease extension with the National Australia Bank for its two Cape Class Patrol Boats
09:43 Brent Crude futures edge up to $ 59,28, WTI – to $ 55,34
09:08 The BPA and the Port of Rotterdam Authority concludes a development agreement to construct and operate the Rotterdam Distribution Center
09:01 Baltic Dry Index rises 2% to 2088 points
08:56 MABUX: Bunker market this morning, Aug 19
08:49 Hapag-Lloyd announces General Rate Increase from East Asia to Latin America

2019 August 18

16:51 USCG responds to ferry aground in Boston Harbor
15:09 NOAA awards $2.7 million in grants for marine debris removal and research
13:02 BAE Systems cuts steel for UK Royal Navy's HMS Cardiff
12:46 Kongsberg Digital simulation and software selected to fast-track R&D at new autonomous ship centre in Korea
11:05 NYK sponsors endangered Sea Turtle Research
10:56 Coast Guard cites passenger vessel for operating illegally, terminates voyage

2019 August 17

14:24 Kinder Morgan announces additional projects to enhance capabilities at Houston Ship Channel Facilities
13:31 Damen Shipyards Cape Town joins Women’s International Shipping & Trading Association
12:28 CMA CGM announces rate restoration for Asia to West Africa trade
11:32 APL informs on voil sailing on Asia-Indian Subcontinent Service in August
10:58 Pre-commissioned USCG's Cutter Midgett makes second cocaine seizure within five days

2019 August 16

18:16 Port of Vyborg volumes in Jan-Jul plummet 29% to 687,700 tons
18:06 Hapag-Lloyd announces rates from East Asia to North Europe and Mediterranean
17:36 Norwegian Encore leaves MEYER WERFT's building dock
17:06 Balltec secures North Sea decommissioning contract from Heerema Marine Contractors Nederland
16:35 Canada Infrastructure Bank signs MoU with the Port of Montreal on Contrecoeur port expansion project
16:05 Vår Energi AS awarded an EPCI contract to Rosenberg Worley AS
16:03 Low-sulphur marine fuel sales by Gazprom Neft in the first half of the year increased by 11% to 121,400 tonnes
15:48 Samsung Heavy to advance smart ship technology in cooperation with equipment producers
15:36 Throughout of oil port Primorsk in Jan-Jul 2019 increased 14% to 35.74 million tonnes
15:14 New mid-year record for container volumes through the Port of Vancouver
15:11 USCG repatriates 25 migrants to the Dominican Republic
14:27 Port of Vysotsk throughput in January-July rose 7% to 11.14 million tonnes
14:10 Austal signs A$126 mln contract to export two Cape Class Patrol Boats
13:14 Seven-month cargo volumes of Port of Ust-Luga increase 10% to 62 million tonnes (update)
13:05 NORDEN signs multiple long-term global contracts
12:05 APM Terminals Poti to implement uninterrupted 24/7 operations
11:39 Port of St. Petersburg seven-month volumes rise 2% to 35 million tonnes (update)
11:05 Steel cutting ceremony for the next AIDA LNG cruise ship at MEYER WERFT
10:48 Tekmar Energy selected for Formosa 1 Phase 2
10:44 Port of Hamburg seaborne cargo throughput up 4.1 percent to 69.4 million tons in H1 2019
09:55 Crude futures prices tend upward again: Brent Crude rises to $ 58,88, WTI – to $ 55,16
09:34 Baltic Dry Index leaps 97pts to 2047 points
09:27 Bunker prices show mixed movements at Port of St. Petersburg
08:41 MABUX: Bunker market this morning, Aug 16